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FINANCIAL NEWS
Saudi economic growth revised up to 3.3 percent in 2015
19 Jul 2015
(MENAFN) Saudi Arabia’s economic growth in 2015 was revised upward to 3.3 percent on-year from 2.5 percent, Jadwa Investment said, Saudi Gazette reported.
It also said 2015 annual forecast for oil sector growth is now 1.6 percent, up from our previous forecast of -0.6 percent, Jadwa Investment said in its Quarterly Oil Market Update (Q1 2015).
The fall in oil revenues will lead to a fiscal deficit of USD105.81 billion, or 15.6 percent of GDP in 2015. The current account is also heading for its first deficit since 1998, although it is expected to be at USD23.1 billion.
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